Every real estate transaction involves a number of expenses. It makes sense to question these costs and look for ways to save money. Cutting back on the number of professionals hired to assist in the transaction is one way people try to cut costs. Real estate brokers and real estate attorneys are two of these professionals who are frequently confused with one another. Many buyers and sellers wonder if they still need to engage an attorney, if they have a broker. The best real estate lawyer in Calgary should always be retained whenever you deal with property.
What Separates Real Estate Brokers From Real Estate Lawyers.
The fact that most buyers start a property search knowing that the broker is “representing” them, may be is the cause of the misunderstanding regarding the services offered by the broker vs the attorney. Although true, this is not entirely true. In a real estate transaction, the broker promotes the interests of his or her customers by making and accepting offers, as well as by liaising with other agents, the title company, and even the lender. Brokers and agents, however, are not attorneys. They are not allowed to provide legal advice and are not required to have a law degree in order to perform their duties.
Remember that the broker wants your transaction to succeed as much as you do. They aren’t paid until your deal is finalized. Untrustworthy agents might not be acting in your best interests, especially if there’s a danger that doing so could make the deal break apart.
On the other hand, best real estate lawyer in Calgary is only concerned with the legal facets of the transaction. Attorneys are in a better position to give you unbiased advice because they are paid a flat fee or an hourly rate for their services, regardless of whether the sale is successful or not. A lawyer can explain to you your rights and obligations under the contract, and will check the closing documents, mortgage terms, and related paperwork for legal compliance. To avoid disputes at closing or in the future, they will consider “what if” scenarios and ensure that all the legal components are in order.
Your Interests are Protected By A Real Estate Lawyer.
Buying a home is a complicated transaction that will have long-term effects on your finances and way of life. There are numerous moving components, and until the contracts are signed, nothing is sure. To ensure that all legal criteria are being met and you are not placing yourself in an undesirable situation, it only makes sense to have a legal expert analyze the contracts and terms of the transaction. You will spend much less on this type of preventative measure than you would on retaining legal counsel to defend you in future litigation.
Real estate brokers are still useful and can offer insightful opinions on the property and the neighborhood; but for the best defense of your financial and legal interests, consult the best real estate attorney.